We provide the simple example of a refinancing game with incomplete information, where the lack of transparency is both necessary and sufficient for the propagation of local financial distress across disjoint financial networks. JEL Classification Number: F4. And the truth shall make you free. John 8: 32 相似文献
At some stage in every household's family life cycle, the household is likely to make certain decisions with regard to its housing environment. Although the household's housing decisions essentially comprise the decision to move, and the selection of a new residence, the process from which these decisions are derived is very complex because varying circumstances could produce a multitude of different housing decisions. Due to the sheer complexity of the household's housing decision–making process, researchers have generally focused on individual decision–making stages rather than on the process as a whole. This paper therefore attempts to conceptualize the entire household housing decision–making process using theoretical concepts from the economic perspective, and then tests the conceptual model with empirical evidence drawn from the moving population within the multi–racial society in Singapore. 相似文献
This paper examines a real cost of awarding employee stock options. Based on the observation that managers are extremely concerned about earnings-per-share dilution in equity related compensation, we predict and find that firms experiencing significant employee stock option (ESO) exercises shift resources away from real investments towards the repurchase of their own stocks. We further find weak evidence of a decline in subsequent firm performance (as measured by return on assets) for several years following the cut in discretionary investments as a result of stock option exercises, though this result is sensitive to the metric used to measure performance. Collectively, our findings indicate that ESO exercises potentially impose a real cost on the firm in terms of foregone investment opportunities. 相似文献
Conclusion The investigation provides overwhelming evidence that decomposition tends to become increasingly more efficient than direct solution as the number of subproblems becomes greater.Further investigation would be required to obtain a comparable picture of the behaviour of decomposition with respect to an increasing number of variables in the master problem as their range of variation in the present study is rather restricted.It is gratefully acknowledged: that in implementing the decompositional procedure on the computer I have benefitted from Mr. A. C. McKay's advice on matters relating to the computer programmes; also that I enjoyed the pleasant and friendly co-operation of the staff of the computer Centre, University of Birmingham, without which the difficulties involved in carrying out the present task would have been compounded manifold; that Dr. C.-L. Sandblom carefully studied this paper and suggested a number of valuable improvements. Finally, I should like to thank Professor Kronsjö for the encouragement that he has given to me in executing this project and to the research council which made this investigation possible. 相似文献
Summary A procedure is proposed in this paper for testing the shape parameter, of the Weibull distribution. The test statistic which is based on the extremal quotient, possesses a monotone property which makes it possible for rejection earlier than the last planned observation of the null hypothesis,H0: =0 when the alternative hypothesis isHa: <0 and early acceptance ofH0 whenHa: >0. The test being scale-free, does not require the scale parameter to be known. 相似文献
This paper is an allegorical essay which attempts to provide a critical perspective on systems analysis. It employs both the language and rationale of systems analysis within the structure of the fable. More specifically, it uses the schematic representation of The World Model (found in the Meadows, et al., The Limits to Growth) as the political and social divisions of the Ferney System. The integrating tool for technological assessment within this metaphorical system is the Delphi Method of Futures Research. Expert opinion-consensus serves as the chief mode of governance. The actual history of Ferney, within the fable, is a loop feedback process. 相似文献
This paper analyzes a model of two-way movement of physical capital, and examines the effects of direct investment liberalization on resource allocation, income distribution and commodity trade. If either country or both countries liberalizes investment under exogenously given commodity prices, some factor owners in a country will gain but some others will lose. If capital movement affects commodity prices, all factor owners in a country may be better off after multilateral investment liberalization. In these cases, it will be much easier for the home country to sign an agreement liberalizing investment flows. 相似文献
Ruth McVey (ed.), Southeast Asian Capitalists, Ithaca: Southeast Asia Program, Cornell University, 1992, pp. 218.
Joan Hardjono (ed.), Indonesia: Resources, Ecology and Environment, Singapore: Oxford University Press, 1991, pp. xvi + 262. Cloth: A$50; £25.
Chris Dixon, South East Asia in the World-Economy: A Regional Geography, Cambridge: Cambridge University Press, 1991, pp. xv + 281. Paper: A$29.95; Cloth: npg.
Kym Anderson (ed.), New Silk Roads: East Asia and World Textile Markets, Cambridge: Cambridge University Press, for the Trade and Development Series, National Centre for Development Studies, Australian National University, 1992, pp. xxvi + 24. A559.50.
K. S. Sandhu et al. (comps), The ASEAN Reader, Singapore: Institute of Southeast Asian Studies, 1992, pp. xxvi + 582.
Kim Seung Jin and Suh Jang-Won (eds), Cooperation in Small and Medium-Scale Industries in ASEAN, Kuala Lumpur: Asian and Pacific Development Centre, 1992, pp. xiv + 389. 相似文献